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HanAll Biopharma signs $502.5M licensing deal with Swiss company

Collected: 2017.12.20

Distributed: 2017.12.22

Source: Go Direct

[Photo by HanAll Biopharma]

HanAll Biopharma, a subsidiary of South Korea’s Daewoong Pharmaceutical, said on Tuesday it has signed with Switzerland-based Roivant Sciences a licensing agreement to develop, manufacture, and commercialize its anti-FcRn monoclonal antibody HL161 for the treatment of pathogenic IgG-mediated autoimmune diseases for $502.5 million.

At 1:30 pm, HanAll Biopharma shares stayed 30 percent higher after zooming to the day’s upper limit at the opening bell on Wednesday.

Under the contract, HanAll will receive an upfront payment of $30 million from Roivant. HanAll will also receive research funding of up to $20 million over the next five years plus milestone payments in line with future development progress as well as specified royalty payments after commercialization.

In return, HanAll will grant Roivant an exclusive license for the development, manufacture, and marketing of the investigational drug in North America, Latin America, the European Union, the United Kingdom, Switzerland, the Middle East, and North Africa.

HL161 is a fully human monoclonal antibody targeting the neonatal Fc receptor (FcRn). Blockade of FcRn-Immunoglobulin G (IgG) interactions has been shown to lead to the rapid depletion of IgG. HL161 has potential as a treatment for IgG-mediated autoimmune diseases such as thrombocytopenia and lupus erythematosus.

HanAll said HL161 is under phase I study in Australia and aims to complete the clinical research by the end of next September.

By Kim Hye-soon and Minu Kim

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